Trusts: Frequently Asked Questions and Practical Answers

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For example, some trusts allow your estate to avoid probate, while others allow you to provide financial security for a family member with disabilities while still allowing that person to recieve government benefits. Learn more about trusts in Colorado in this presentation.

Transcript of Trusts: Frequently Asked Questions and Practical Answers

  • 1. /K1' se4:" e TRUSTS PART 1 Frequently Asked QuestionsAnd Practical Answers

2. A X What is a trust? 3. Trusts are a of legal entity,like a corporation 4. g H They dont physically exist 5. However,like corporations,the law allows trusts certain abilities,such as the ability to own property 6. By creating a trust and allowing it to own some or all of your property,you can take advantage of the various benefits trusts provide 7. uuunzwnt:na- 8. To create a trust you have to make a document that states the rules under which you want the trust to operate 9. You also have to identify two key people 10. -wmn tuna (cv- 11. There is the beneciary(s),the person or organization who can use the property the trust owns 12. There is the trustee(s),the personor organization who is responsiblefor managing the trust property on behalf of the beneciaries 13. TRUSTEES 14. Who is the trustee? 15. As the person who makes the trust,called the trustor or the settlor,you can choose who the trustee is 16. The trustee can be any willing and capable adult,or can be an organization or a professional,such as an bank,attorney,or law rm 17. IN SOME CASES 18. You can serve as the trustee of your own trust 19. OPTIONS 20. Are there different types of trusts? 21. If-I-1-2' :7.. '_ft. ; 22. There is a wide variety of specic kinds of trusts 23. Each provides slightly different benets,and each can be individually tailored to t your needs 24. For example,some trusts allow your estate to avoid probate,while others allow you to provide nancial security for a family member with disabilities while still allowing that person to receive government benets 25. EARN MORE ABOTRUSTS IN COLORADO 26. -Y - l A I u;.u ) .T f4 .{ IL -I L .0 , Il. ColoradoEstatePlan, com 719-520-1474 3o3-736-6o6o